: Value Investing Forum - Singapore, Hong Kong, U.S.

Full Version: Maoyan extends IPO date, names Xiaomi as cornerstone investor
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
China’s top movie ticketing app Maoyan extends IPO date, names Xiaomi as cornerstone investor
* Maoyan names three new cornerstone investors, including US$2.6 million from Xiaomi
* Company tentatively expects trading in its shares to begin on February 4

Laura He
PUBLISHED : Monday, 21 January, 2019, 6:53pm
UPDATED : Monday, 21 January, 2019, 7:05pm

Maoyan Entertainment, China’s largest movie ticketing app backed by Tencent and Meituan, has extended its IPO subscription period and put off its listing date to February 4. It also named three new cornerstone investors, including a US$2.6 million of investment from Xiaomi.

The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, will extend its IPO book close date to “on or about January 25” from the original date of January 24, after which it will stop taking orders from international institutional investors, according to a renewed term sheet obtained by the South China Morning Post. The book opened on Friday.

Meanwhile, it will put off the Hong Kong IPO period to between January 23 and January 28. Previously, the retail sale was scheduled to hit the market between January 21 to January 24.

Maoyan tentatively expects the share to begin trading on February 4, versus its original plan to debut on the Hong Kong stock exchange on January 31.

The company has introduced three new cornerstone investors, which will bring the total to five, lining up US$30 million, the document showed.

Xiaomi unit Green Better has agreed to buy US$2.6 million worth of shares. Hylink Investment, a subsidiary of Shanghai-listed Hylink Digital Solutions, has committed US$5 million. Prestige of the Sun will also invest around US$4.4 million.

A previous document showed IMAX Hong Kong has already agreed to buy US$15 million worth of shares, while Welight Capital has pledged US$3 million.

The Hong Kong stock market will be closed for three days from February 5 for the Lunar New Year holiday and reopen on February 8.

Maoyan plans to sell 132.377 million shares, raising up to HK$2.7 billion (US$350 million). The shares are being offered at an indicated range of HK$14.8 to HK$20.4 per share.

Tencent owns 16.3 per cent of Maoyan, according to a prospectus released in September. Beijing Enlight Media is the largest stakeholder with a 48.8 per cent holding. Meituan Dianping owns 8.6 per cent.

More details in